• Prices have remained rangebound but have moved up in the past couple of days. 
  • It is difficult to see why price should head much higher in the short/medium term with no compelling bull story to incite buying. 
  • We could see more pressure to the downside with Thai and Indian crushes starting very strongly. 
  • However, for prices to break convincingly out of the recent range of $330-350/mt we would need the BRL or crude oil to weaken. 
  • Or, the Indian government needs to ensure the full 5m tonnes of exports occur, something they are very keen on doing.  

 

Source: Refinitiv Eikon

Oliver Chapman

More from this author